Last week I participated in the inaugural Public Banking Institute conference in Philadelphia - not a coincidence, freedom from tyranny of the banks underscored the program. When I first learned of this idea of state-owned banks as a solution to our economic challenges, I was a real skeptic. Just what we need, our government running banks – visions of teller windows in the Motor Vehicle Department are not comforting.
After having spent his early career in the City of London, Tony Greenham now leads the finance and business research team at the New Economics Foundation. He talks here about how he lost faith in the unfettered capital markets, what it will take to transform the mainstream banking sector, the value of his involvement in the Transition Towns movement, and why we need “investment grade” policymaking.